Business Bites Resources: 5 Entrepreneurship Myths Debunked

Many aspiring entrepreneurs may believe that there is a list of strengths, characteristics or traits out there that will make them successful in their endeavors. But the truth is, entrepreneurs by definition are mold-breakers. There are a lot of myths out there about entrepreneurship which can make taking the step to start your business very intimidating.

On the first day of our Food Business Fundamentals program, students begin by discussing the idea of entrepreneurship and many of the myths surrounding it are debunked. It’s the first step in becoming an entrepreneur—letting go of everything you believe about entrepreneurship. This opens the door for students to discuss their initial ideas, which in our most recent class have included concepts for new and existing restaurants, cafés, bakeries, food products, cocktail bars and more. Over the next six weeks, their ideas will evolve and change as they learn how to turn their concepts into reality. They’ll also gain the tools and confidence to leave these 5 myths of entrepreneurship behind!

MYTH #1: ENTREPRENEURS ARE BORN, NOT MADE

Virtually all entrepreneurial skills can be learned.

MYTH #2: ENTREPRENEURS MUST HAVE INNOVATIVE IDEAS

Most successful businesses are evolutions of existing ideas.

MYTH #3: ENTREPRENEURS HAVE TO BE ABLE TO DO EVERYTHING THEMSELVES

A good entrepreneur plays to his or her strengths but also solicits the right help.

MYTH #4: ENTREPRENEURSHIP IS REALLY RISKY

Deep and nimble planning help to reduce risk.

MYTH #5: ENTREPRENEURS HAVE TO BE LUCKY

You work to make your own luck through constant learning, constant effort and constant networking.

Ready to get started on the business plan for your restaurant, food truck, food product or other dream culinary concept? Maybe you’re looking to scale a family business or grow an existing concept? Register for ICC’s Food Business Fundamentals course, and you’ll have a solid business plan & pitch ready in just 6 weeks! Click here to learn more.

ABOUT BUSINESS BITES

The BUSINESS BITES, brought to you by the Food Business Fundamentals program at ICC, is a series of workshops, discussion panels, networking events and resources designed to support entrepreneurs in the food industry.

One of the biggest challenges for restaurants and food business owners seeking growth is securing investors. So, how do you convince a total stranger to believe that your idea will sell? Well, it all starts with a great pitch and a solid business plan to back it up!

During our most recent Business Bites panel—Perfecting Your Pitch—we learned from industry experts Paul Daitz (Executive Chairman, BCMS), April Wachtel (Founder/CEO, Swig + Swallow) and Evan Madden-Peister (Consultant and Strategist, 13 Ventures) on how to secure capital to get your business up and running.

Their first piece of advice? Pitching your business is almost never like what you see on the popular TV show Shark Tank! Typically, it’s meeting in an office space or discussing your business over the phone. So, if your only reference on how to find investors is from the “sharks” on the show, we recommend you read what we learned from ICC’s very own investment-experts below!

The Environment of Pitching Has Changed

Like we said, pitching does not frequently happen in face-to-face scenarios anymore. With technology continuing to change the way that business is done, most pitch meetings occur over the phone via a call or video chat. While this does open the door for a wide range of investors from around the world, it can also hinder the quality of investors. Our investment experts recommend always trying to arrange an in-person meeting, when possible.

Don't Discount Early Investors

Early investors, like seed capitalists and angel investors, can be the success to your food business. These early investors are the ones that will help to get your business off the ground as they believe in your initial idea. They likely will not be large corporations or investment companies, but any investor, even if it’s a family member or small company, that you can secure at an early stage is important.

Know Your Audience

Investors are people too—they want to know whether the idea is useable for them, if the idea is unique to the market and others who may have invested in your company. Yes, the return on investment will be very important to the investor, but there are so many other factors that play into whether or not they will invest.

It’s also important to note that each investor will want different things. If you are bringing the same pitch deck to every investor, it probably will not work out for you in the long run. You should research your investors and know what they have invested in previously, but you do not need to know their whole life story. You must find a balance that will help you win their business in the end.

Clarity Is Key For Your Pitch Deck

There are certain points that all investors want to see covered in a stellar pitch deck including, who your company is, why this investment will matter to them in the long run and how it will ultimately benefit them. For a first meeting, it’s important that your deck hits on all of these points. You’ll want to leave 20 minutes of time for questions—that will most likely leave you with 40 minutes to present your pitch if the meeting is an hour long. A good pace to keep in mind is 3 minutes to present each slide, which will allow you to give enough substantive information without going into excessive detail.

One aspect of pitching that all of our experts agree on: clarity is key! At the end of the day, your pitch should begin and end with a presentation that looks put together and professional. If it’s difficult to follow, investors will be less likely to take away the main goal of your pitch.

Ready to get started on the business plan for your restaurant, food truck, food product or other dream culinary concept? Register for ICC’s Food Business Fundamentals course starting September 14th, and you’ll have a solid business plan & pitch ready in just 6 weeks! Click here to learn more.

ABOUT BUSINESS BITES

The BUSINESS BITES, brought to you by the Food Business Fundamentals program at ICC, is a series of workshops, discussion panels, networking events and resources designed to support entrepreneurs in the food industry.

Building a brand is key to the success of a food business—even for small brands just starting out. A strong brand identity will help differentiate you from the competition, creating an experience that encourages customer engagement and effectively communicates your company message to consumers.

To learn more about how to create a brand identity & strategy, ICC’s Food Business Fundamentals program invited Alex Ostroff, Founder and Creative Director of Saint Urbain, for a Business Bites workshop open to students & alumni. With clients like Black Seed Bagels, Chip, and Seamore’s, the Saint Urbain team are behind some of NYC’s most unique and memorable food brands.

During the workshop, Ostroff gave us the inside scoop into how brand building begins for a successful restaurant concept: it’s all about creating a name, symbol and design that sets your business apart from the rest. But, there’s a lot that goes into taking that from concept to activation in order to build a lasting brand.

Below, see what Ostroff recommends as his 6 steps to building your food business brand!

Develop Your Brand Identity

Start by thinking about your brand from a high-level perspective. Recognize your competitors and what it is that you like or dislike about what they do. Understand who your customer is, and what their needs are. These will inform your goals for the brand.

Brainstorm Keywords

This is where you want to brainstorm keywords to describe your brand. Are you a modern, fun and hip gastro-pub? Are you a traditional, homey and wholesome café? These keywords will help to guide the overall vision and feel of your business.

Research and Narrow Down

Dive deeper into what your competitors are doing—what is it that you have to do to gain their market-share? Identify the opportunities that you have and what gap you’re filling in the marketplace. Then, identify any challenges that you will have to overcome. Narrow your research into visual possibilities and specific strategies that you can incorporate into your business.

Pick a Strategy

Now that you’ve done your research, figure out which of the strategies will work for your business. Your strategy will inform how you’ll go after your target market and will inform your long-term goals for your brand. Turn this into a solution for your brand. Create the identity of your food business based on your unique point of view and the need you’re filling for your target market.

Design is Key

Once you’ve selected your brand strategy, design or enlist the help of a graphic designer to create a comprehensive visual language that will communicate your brand look and feel. Do you want muted colors to play off of the space that your food business is in? Does your brand have loud colors to accentuate your flavorful food? Remember—customers eat with their eyes first, so not only do you want your food to look beautiful, you want your concept, and the elements that go along with it, to look beautiful too.

Time to Activate

Expand your design to craft your brand experience! Start with your logo and color palette, then create visuals to go with your brand. Will you be selling coffee and in need of to-go cups with your logo on them? How about the take-out bags for food, menu design and other key items that you want to create? Everything should go together and give a cohesive look to the business. You’ll want to play to your strengths to create a fun and memorable brand experience that will encourage your customers to return time and again!

Ready to get started on the business plan for your restaurant, food truck, food product or other dream culinary concept? Register for ICC’s Food Business Fundamentals course starting September 14th, and you’ll have a solid business plan & pitch ready in just 6 weeks! Click here to learn more.

ABOUT BUSINESS BITES

The BUSINESS BITES, brought to you by the Food Business Fundamentals program at ICC, is a series of workshops, discussion panels, networking events and resources designed to support entrepreneurs in the food industry.

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